The Midwest boasts some of the largest industries in the nation, with manufacturing and healthcare topping the list. In addition, the region hosts almost ten percent of U.S.-based tech start-ups and houses 139 Fortune 500 Companies. Cleveland is considered a healthcare powerhouse, being one of the largest industries in the market. Since 2010, healthcare tech has multiplied in the market, thanks to initiatives such as the Health-Tech Corridor. With the growing healthcare sector comes an increasing population and thus retail businesses. A significant number of investors and developers have flocked to the area to capitalize on the expanding opportunities available. Cleveland’s retail market was on firm footing prior to the pandemic, with big-box retailers moving into the market and supporting healthy net absorption levels. Post-pandemic, the Cleveland market is recovering relatively quickly, with leasing velocity picking up for discount retailers, drive-thru end caps, and grocery stores. Despite the high demand and high prices for well-leased assets, rent growth is still negative as of Q2 2021.

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